December 18, 2008 Silver Spruce and Azimut Report Results - Hudson Bay Project, Nunavik, Quebec -- Grades up to 3.01% U3O8
December 18, 2008 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) and its partner Azimut Exploration Inc. (TSXV: AZM) report the results from the summer 2008 exploration program at the Hudson Bay property in Nunavik, Quebec. A one-month prospecting program assessed target areas previously defined by anomalous uranium values (up to 1,950 ppm) in lake-bottom sediments, and helicopter-borne geophysics (see press release dated April 22, 2008).
Uranium mineralization was discovered in 94 outcrop samples (with values up to 3.01% U3O8) and three boulder samples (up to 0.027% U3O8). The mineralized samples correlate with the kilometre-scale radiometric targets and anomalous lake-bottom sediments, indicating uranium potential on the property.
Assay results for the 97 rock grab samples are as follows:
• 11 samples with values > 0.05% U3O8, including 10 with values > 0.1% U3O8. Best values are 3.01% 0.66%, 0.40%, 0.31% and 0.24% U3O8;
• 34 samples with values between 0.01% and 0.05% U3O8; 52 samples with values < 0.01% U3O8.
U/Th ratios for eight of the samples > 0.1% U3O8 ranged from one to 20, with ratios generally less than one for the other samples. Uranophane, a secondary uranium mineral, hematite and magnetite were noted at the mineralized outcrops. Scintillometer readings for outcrop samples above 0.1% U3O8 range from 1,500 to 40,000 counts per second. Mineralization with the highest U/Th ratios is hosted mostly in pegmatite and granite. Elevated lead values (from 390 to > 5,000 ppm) and silver values (up to 65 g/t) are associated with the high U/Th ratio samples. Mineralization discovered to date tends to be narrow, poddy and erratic. Nevertheless, the presence of high grade values in a favourable geological and structural setting is encouraging for further work in the unexplored areas of the property. All data is being compiled and follow up programs for 2009 will be announced when and if defined. Silver Spruce is evaluating all of its projects in light of the company's exploration commitments and market conditions, in order to maximize its budget for 2009.
The property comprises 661 claims (approximately 300 km2). Silver Spruce, the project operator, has an option to earn a 50% interest in the property from Azimut, and can earn an additional 15% interest on delivery of a bankable feasibility study. All rock samples were assayed by an ICP method at Activation Laboratories in Ancaster, Ontario. Activation Laboratories is an ISO-IEC 17025 accredited laboratory.
This press release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada and gold/silver in Mexico. With interests in more than 12,000 claims totaling more than 3,000 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The exposure to uranium in Labrador and Quebec and gold/silver opportunities in Mexico gives the company diversification without losing its uranium focus.
For Further Information Contact:
SILVER SPRUCE RESOURCES HEAD OFFICE
Gordon Barnhill, CFO & Director